Electric vehicles are no longer an idea but have evolved to become a reality. Today, automakers from across the world are investing in electric vehicle technology. The rise in concerns associated with the use of conventional vehicles such as the exponential increase in the levels of global warming and pollution have propelled the growth of the global electric vehicles market.

Electric vehicles are emerging as an alternative form of vehicles in the automotive industry. With an expansion of the electric vehicle market, several components in the electric vehicle ecosystem are also undergoing significant developments. One of the key components of the market is the fast charging system.

BIS research recently published a market intelligence report titled “Global Electric Vehicle Fast Charging System Market – Analysis and Forecast (2019 – 2029),” providing a holistic view of the electric vehicle fast charging system market in terms of the factors influencing the growth of the market and the different segments in the market.

The report published by BIS Research gives insights about the expected growth of the market in terms of size under three different scenarios namely, pessimistic, realistic, and optimistic scenario.

Under the pessimistic scenario, the market is expected to reach 483.2 thousand units by 2029 from 96.4 thousand units in 2018. In a realistic and optimistic scenario, the electric vehicle fast charging system market is projected to grow at a CAGR of 21.90% and 27.25% respectively during the forecast period.

At present, the light-duty vehicles such as electric cars, vans, and pickup trucks are outnumbering electric buses, resulting in an increased adoption of public fast-charging systems. However, during the forecast period, a significant rise is anticipated in the number of electric buses and consequently, the private fast charging system applications are expected to grow.

There are ongoing efforts from industry players to develop vehicles for all economic ranges. This is increasing competition in the electric vehicle and consequently in the electric vehicle fast charging system market.

Though the market is witnessing stable growth globally, the APAC region is leading with a huge market share in comparison with the other regions namely, North America, Europe, and Rest-of-the-World. This impressive growth in the APAC region indicates the high adoption of electric vehicles in the region. Further, in Asia-Pacific, China is the key contributor and the largest manufacturer of electric vehicles.

Despite being in its growing phase, fast-charging systems is one of the most competitive markets. Some of the companies leading the global market for electric vehicle fast charging systems include ABB, Blink Charging Co., Delta Electronics, Inc., EVBox, GARO, Schneider Electric, and Siemens.